UAE-based banking group Emirates NBD has introduced its latest family savings account for the citizens of the country.

The new product, known as Emirates NBD Family Savings Account, will allow Emirati families to group their banking relationship with the bank and avail the benefit of special interest rates and privileges.

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Emirates NBD said that the Family Savings Account aligns with the UAE’s Cohesive Family 2021 scheme, which seeks to boost domestic ties and preserve family bonds.

Immediate family members can open Family Savings Accounts and combine their individual account balances to enjoy higher interest rates without requiring transferring salary or maintaining a minimum balance.

Despite pooling, the account holders will remain using their individual bank accounts as normal, receiving separate monthly statements while enjoying benefits applicable to the combined relationship, the bank said.

Emirates NBD executive vice president and general manager of retail distribution Ahmed Al Marzouqi said: “The Family Savings Account is shaped by the core values of togetherness and sharing that form the centre of Emirati family life.

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“As a leading local bank, we are delighted to enhance our proposition for UAE National customers with an exclusive account that recognises their lifestyle and needs, providing them with superior value and convenience.”